It's tax time for us Aussies so this is the first time I will be doing the annual reporting required by the Government... and boy, my fears have become reality!
Due to one simple, stupid mistake I made, it is hell sorting my bookkeeping out. I accepted payments for my programs, affiliate commissions, and donations via PayPal, but I also had my personal expenses from eBay tied into that account.
Business owners are required to setup a separate bank account for business, but PayPal? I didn't bother. This has made it hell reconciling expenses. Accepting US currency and buying things in AU dollars makes it even worse. Auditors hate this stuff.
Trust me, you don't want to put yourself into such a mess. Recently I discovered you can have two PayPal accounts, one for personal means and another for business (I never even thought about it before!) Make sure you do it that way...